TFG mentioned on Monday it has concluded an settlement to purchase choose property of price range garments retailer Jet from the directors of rival Edcon and expects to fulfill all situations by the tip of September.
TFG, often known as The Foschini Group, mentioned in July it can purchase 371 shops and a few property of Jet for R480 million as a way to develop into the price range garments market, a phase through which it’s not a significant participant.
It mentioned it has now reached an settlement for the property in South Africa, the place a lot of the shops it’s shopping for are situated. Comparable agreements for shops in Botswana, Namibia, Lesotho and the dominion of eSwatini are anticipated to be finalised shortly, it mentioned.
The remaining situations embody approval by competitors authorities, an settlement with Jet’s landlords on amended lease phrases and a cope with credit score and monetary companies supplier RCS to proceed to function Jet’s credit score e book.
Edcon, which additionally owns division retailer chain Edgars, utilized for chapter safety in April in an try to salvage elements of the group. Edcon has been a go-to place for South African buyers for practically a century, however bumped into monetary issues and did not compete with worldwide vogue chains akin to Sweden’s H&M.
Hear: Simon Brown mentioned TFG’s rights subject with Nesan Nair of Sasfin Securities, amongst different subjects on July 23, 2020